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Eswatini central bank cuts base rate 25bps to 3.75%

Eswatini's central bank has cut its policy rate by 25 basis points to 3.75%, it said in a statement on Saturday, the latest of several cuts meant to counter a coronavirus-linked downturn.

MBABANE, July 25 (Reuters) - Eswatini's central bank has cut its policy rate by 25 basis points to 3.75%, it said in a statement on Saturday, the latest of several cuts meant to counter a coronavirus-linked downturn.

The previous 50bps cut was in May. As is often the case, the central bank's decision mirrored that of neighbour South Africa, which also cut by 25pbs on Thursday.

The government forecast in May that the economy would contract by 6.7% this year owing to the COVID-19 crisis.

(Reporting by Lunga Masuku Writing by Tim Cocks Editing by Mark Heinrich)

((tim.cocks@thomsonreuters.com;))

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